The European Investment Fund has backed a novel financing stream for early-stage technology companies in central and eastern Europe.
The fund, which is expected to launch later this year, has a target size of €50 million, the EIF announced on 25 July. It will be managed by the venture capital firm Oxo Group and supported through the Horizon 2020 InnovFin Equity financing instrument.
The EIF said in a statement that the fund would invest on average €3m in each of the technology startups it supports. It said that the launch of the fund showed that central and eastern Europe were growing in importance as incubators of technological innovation.
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